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Formula One is the highest class of single-seat auto racing that is sanctioned by the Fédération Internationale de l’Automobile. The FIA Formula One World Championship has been the premier form of racing since the inaugural season in 1950, although other Formula One races were regularly held until 1983. The “formula”, designated in the name, refers to a set of rules, to which all participants’ cars must conform. The F1 season consists of a series of races, known as Grands Prix, held throughout the world on purpose-built F1 circuits and public roads.
Most of the circuits currently in use are specially constructed for competition. The current street circuits are Monaco, Melbourne, Montreal, Singapore and Sochi, although races in other urban locations come and go (Las Vegas and Detroit, for example) and proposals for such races are often discussed—most recently New Jersey. Several circuits have been completely laid out on public roads in the past, such as Valencia in Spain, though Monaco is the only one that remains. The glamour and history of the Monaco race are the primary reasons why the circuit is still in use, even though it does not to meet the strict safety requirements imposed on other tracks. Three-time World champion Nelson Piquet famously described racing in Monaco as “like riding a bicycle around your living room”.